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Paypal Joins Other Payment and Remittance Providers Suspending Services in

Started by Bitcoin, Mar 07, 2022, 04:41 am

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Paypal Joins Other Payment and Remittance Providers Suspending Services in

Paypal Joins Other Payment and Remittance Providers Suspending Services in

A number of payment and remittance platforms, now including Paypal, have restricted access to their services in  as western sanctions over Moscow’s invasion of e continue to expand. Fintech companies have been limiting operations in the n Federation also in response to Kyiv’s call for help.


Payments Giant Paypal Halts Services in , Maintains Withdrawals for Now


Paypal, the global online payments provider, has joint a growing list of fintechs supporting western sanctions against  over its decision to invade neighboring e. The company, which had been offering ns only cross-border transactions, terminated its services in the n Federation on Saturday.


Quoted by Reuters, President and Chief Executive Dan Schulman explained the move with “the current circumstances,” noting that Paypal stands with the international community and condemns ’s military aggression against e. The platform stopped accepting new n-based users earlier this week.


Through a spokesperson, Paypal added, however, that withdrawals will be supported for an unspecified period of time. The payments giant intends to “ensure that account balances are dispersed in line with applicable laws and regulations.”


The announcement comes after calls from officials in Kyiv to suspend services in  and support e’s fundraising efforts. The U.S., California-headquartered company revealed before the weekend that it had “helped raise over $150 million for charities supporting response efforts.” The ian government and local NGOs have also received millions in crypto donations.



Paypal’s move comes after other payment and remittance platforms had already suspended certain services in  by the end of February. These include Wise, which processed cross-border payments for n users, and Remitly which facilitated remittance of funds.


U.K.-based fintech Wise initially imposed a £200 ($265) daily limit on transfers to the n Federation but later suspended all money transfers as the U.S. and its European allies imposed more restrictions on the country’s financial system, including the expulsion of some n banks from the interbank payment system SWIFT.


As a result of the harsher sanctions, Remitly also discontinued support for money transfers for n recipients. Similar measures were introduced by other remittance service providers as well, including Transfergo and Zepz.


According to crypto media reports, the U.K.-based Revolut has suspended payments to  and its ally Belarus this while an announcement on its websites states that the fintech firm is doing everything to ensure its users are able to send money to e. In a blog post, the company CEO Nik Storonsky highlighted both his n and ian roots and voiced opposition to the war.


You can support ian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s e Emergency Relief Fund.


Do you expect other payment processors to join the sanctions against  over its military assault on e? Tell us in the comments section below.


Source: Paypal Joins Other Payment and Remittance Providers Suspending Services in